Categories AlphaGraphs, Earnings, Technology

Viacom reports mixed results for Q1

Viacom’s (Nasdaq: VIAB, VIA) Q1 earnings surpassed the analysts’ expectations, while revenue missed narrowly the Street’s views. Viacom’s adjusted EPS from continuing operations stood at $1.12 in the recently ended quarter on revenue of $3.09 billion. Analysts had expected the media giant to earn $1.03 per share on revenue of $3.12 billion. VIAB shares were up about 1% in the pre-market trading on Tuesday.

GAAP EPS from continuing ops dropped 41% year-over-year to 79 cents and revenue slipped 1% compared to the prior year quarter.

Viacom (VIA, VIAB) Q1 2019 earnings

Revenue from Media Networks segment declined 2% as advertising revenue dropped 6%. In the Filmed Entertainment segment, Paramount Pictures delivered double-digit topline growth for the recently concluded quarter and entered into an agreement with Netflix in November 2018 to produce original films for the streaming service.

“Beyond the growth at our flagship networks and the resurgence of Paramount Pictures, we took a major step forward in our evolution with an agreement to acquire Pluto TV. This service will create a scaled direct-to-consumer offering for Viacom, and expand our opportunities in next-generation distribution and advanced advertising,” said Bob Bakish, CEO.

Last month, Viacom acquired free streaming television platform Pluto TV for $340 million. This deal is expected to close in the second quarter of fiscal 2019.

Viacom’s peer Walt Disney (DIS) is set to release its first quarter 2019 results after the bell on Tuesday.

Viacom Class B common stock, which plunged to a yearly low ($23.31) on December 27, 2018,  ended Monday’s regular trading session down 0.27% at $29.45. The stock had gained 9% in last 30 days and dropped 9% in the last three months.

 

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

Leave a Reply

Your email address will not be published. Required fields are marked *

Add Comment
Loading...

Cancel
Viewing Highlight
Loading...
Highlight
Close
Top